The hard truth is that placing blame doesn’t do anyone any good, especially those trying to save their  homes. The truth is that it’s time to do what Americans have been doing since the country was founded – picking ourselves up off the ground, dusting off and working with what we still have. Thanks to new acts such as the “Helping Families Save Their Homes Act of 2009,” it’s even more possible to do that.

If you’ve been dealing with the possibility of become one of the Mississippi foreclosures, you may have missed the news, so here are a few uplifting highlights that can make all the difference:

1.  If you rent your home and it’s foreclosed upon, you have to receive a 90-day eviction notice. You can’t just be preemptively kicked off the property. As well, if you have a lease you have to be allowed to live on the property until the lease is up unless:

     a) the new owner wants to move in and make it his or her residence or
     b) state law says the lease can be terminated on notice.

Although three months doesn’t seem like a lot of time, that’s three months you wouldn’t have had in most states before the Act was passed.

2.  Lenders and homeowners are now receiving incentives for successful loan modifications and refinancing under the Making Homes Affordable Program. According to the White House government website,  “Servicers covering more than 75 percent of loans in the country have now begun modifications and refinancing under the Administration’s MHA Program.”

3.  One of the biggest challenges to homeowners is finding out who owns the mortgages on their homes.  This can make it incredibly difficult to discuss refinancing or modification with the mortgage owner. Thanks to the Act, you have to be informed whenever your loan is sold or transferred to another party. Now, you always know who has control of your mortgage and who you need to talk to.

Dealing in the current real estate market with the possibility of becoming one of the Mississippi foreclosures can be hard. If you’re already struggling financially, it can be even harder. Try to keep abreast of the current laws that can help homeowners and families keep their homes!

If you can’t qualify for loan modification or refinancing, and are considering a short sale, I can help. Call me at 601-942-3392 or email me at Paula@PaulaRicks.com for more information.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392